AFLAC Inc (NYSE: AFL) shows 51,636,945 shares indirectly tied to Japan Post

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd. filed a Form 3 as a ten percent owner of AFLAC Inc., reporting indirect beneficial ownership of 51,636,945 shares of AFLAC common stock. The shares are held by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, and several related entities may be deemed beneficial owners, each disclaiming ownership beyond its pecuniary interest.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Japan Post Holdings Co., Ltd.

Role null

Type	Security	Shares	Price	Value
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 51,636,945 shares (Indirect, See footnote)

Footnotes (1)

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Key Figures

Indirectly owned AFLAC shares: 51,636,945 shares Form type: Form 3 Holding entries: 1 entry

3 metrics

Indirectly owned AFLAC shares 51,636,945 shares Common stock held through J&A Alliance Trust structure

Form type Form 3 Initial statement of beneficial ownership for ten percent owner

Holding entries 1 entry Single common stock holding reported with no transactions

Key Terms

beneficially own, pecuniary interest, trustee, ten percent owner

4 terms

beneficially own financial

"each may be deemed to beneficially own the securities held by J&A Holdings"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

pecuniary interest financial

"expressly disclaim beneficial ownership of the reported securities except to the extent of its pecuniary interest therein"

trustee financial

"held directly by J&A Alliance Holdings Corporation ("J&A Holdings"), in its capacity as the trustee of the J&A Alliance Trust"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

ten percent owner regulatory

"Japan Post Holdings Co., Ltd. is indicated as a ten percent owner"

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
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1. Name and Address of Reporting Person^*

Japan Post Holdings Co., Ltd.

(Last) (First) (Middle)

2-3-1, OTEMACHI, CHIYODA-KU

(Street)

TOKYO 100-8791

(City) (State) (Zip)

JAPAN

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
04/29/2026

3. Issuer Name and Ticker or Trading Symbol
AFLAC INC [ AFL ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	51,636,945	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported securities are held directly by J&A Alliance Holdings Corporation ("J&A Holdings"), in its capacity as the trustee of the J&A Alliance Trust (the "Trust"). General Incorporated Association J&A Alliance ("General Incorporated"), Kenji Sano and Tetsuya Numaguchi each may be deemed to beneficially own the securities held by J&A Holdings (in its capacity as trustee of the Trust) because (i) General Incorporated owns J&A Holdings and (ii) Kenji Sano and Tetsuya Numaguchi each own 50% of the equity interests in General Incorporated. Japan Post Holdings Co., Ltd. ("Japan Post") may be deemed to beneficially own the shares of common stock owned directly by J&A Holdings, in its capacity as the trustee of the Trust, due to its role as the sole settlor and beneficiary of the Trust. Each of General Incorporated, Kenji Sano, Tetsuya Numaguchi and Japan Post expressly disclaim beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Yuki Takemura, Senior General Manager, as attorney-in-fact for Nobuyasu Kato	05/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Japan Post Holdings report in its AFL (AFLAC) Form 3 filing?

Japan Post Holdings reports indirect beneficial ownership of 51,636,945 AFLAC common shares. The shares are held by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, with several related parties potentially deemed beneficial owners subject to pecuniary interest.

How many AFLAC shares are reported as indirectly owned in this Form 3?

The Form 3 reports 51,636,945 shares of AFLAC common stock indirectly owned. These shares are held by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, rather than directly by Japan Post Holdings or the individuals referenced in the footnote.

Who actually holds the AFLAC shares referenced in Japan Post’s Form 3?

The AFLAC shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. Japan Post Holdings, General Incorporated Association J&A Alliance, and two individuals may be deemed beneficial owners due to ownership and trust relationships described in the footnote.

Does Japan Post Holdings disclaim beneficial ownership of AFLAC shares?

Yes. Japan Post Holdings, General Incorporated Association J&A Alliance, and the two named individuals each expressly disclaim beneficial ownership of the reported securities, except to the extent of their pecuniary interest in the AFLAC shares held through the trust structure.

Is there any buy or sell transaction in this AFL Form 3 filing?

No buy or sell transaction is reported; the entry reflects a holding. The Form 3 shows 51,636,945 AFLAC common shares indirectly owned after the reported position, with no transaction code indicating a purchase, sale, or derivative exercise event.

Why is Japan Post Holdings considered a ten percent owner of AFLAC?

Japan Post Holdings is identified as a ten percent owner because of its beneficial interest in AFLAC shares held via the J&A Alliance Trust. The Form 3 indicates it may be deemed to beneficially own those shares as sole settlor and beneficiary of the trust arrangement.